Stockbroker NCB has reported a 270 per cent rise in operating profits to €14.09 million, a result which helped the firm to clear its debts and make dividend payments of €5.15 million.

The operating profit was achieved after the payment of staff bonuses, which are understood to have increased to some €9 million last year from about €6 million in 2005.

"It was a very good year for the firm. The drivers were corporate finance, wealth management and institutional equities," said chief executive Conor O'Kelly. "The first half of 2007 has been very strong and well ahead of last year, but conditions in the summer have obviously been very difficult in markets and it's very difficult to predict anything with accuracy. Visibility is low. I would be very confident that 2007 will be another very good year for NCB."

Accounts just filed show that the firm's revenues rose by 45 per cent to €54.99 million. This implies 92 per cent absolute growth in revenues since 2003, when managers and billionaire businessman Seán Quinn executed a €16 million buyout of the firm from Ulster Bank.

The firm is in expansion mode, with 15 people now employed in London and the recruitment of 30 staff in Dublin this year bringing total staff to 180.

Wage and salary costs rose to €22.26 million in 2006 from €16.93 million, an increase which reflected higher bonus payments. Directors' pay rose to €3.23 million from €2.17 million, mainly for the same reasons. A total of 70 managers and staff own 75 per cent of the business and Mr Quinn owns 25 per cent. Their dividend last year rose to €5.15 million from €917,000 in 2005. "The key story around the dividend is that the company is now debt-free, and that allowed us to pay our first meaningful dividend to shareholders who bought the firm four years ago," Mr O'Kelly said.

The firm had net profits of €12.92 million last year and it cleared some €10 million in loans. With its cash balance on the rise to €19.32 million from €11.79 million, the shareholders' fund rose to €32.86 million from €25.09 million. Mr O'Kelly said that the firm's wealth management business now had €1.7 billion in assets under management. "Wealth management is a growth business in Ireland now that we have wealth to manage," he added.